In accordance with the agreement, Breakwater Capital and Oak Hill Advisors (acting through certain of its funds and accounts) have jointly agreed to invest around $50 mill as consideration for the 50% equity interest in Odfjell's LPG/Ethylene business.
Further, Odfjell and the partners have each agreed to commit another $50 mill to finance the growth of the joint venture.
Odfjell said that together with its partners, aims, through consolidation and partnerships with other operators, to build a leading LPG/Ethylene operation compapny founded upon operational excellence, a modern and eco-friendly fleet and a long-term market perspective.